Leading northern developer Almscliffe-Dhesi (AD) is transforming a derelict industrial site on Faverdale in north-west Darlington into a multi-let retail park.
Construction work on the two-acre site begins next month (February) and is scheduled to finish in September.
Occupiers already signed up are Costa Coffee, Greggs, Indigo Sun, Harrison Vets and Fastned.
A portion of the site has already been sold to McDonald’s, which is constructing its own unit at the entrance.
Neil Creeney, director at Yorkshire-based AD, explained: “This is Phase One of a wider development on the Faverdale site. There is a further four acres that have retail consent which will be developed in due course.
“We are absolutely delighted to have signed up a number of high-profile and successful retail operators for Phase One. They will make a significant difference to the retail offer in this popular area of Darlington and will prove to be a timely boost for the local economy.”
The funding for the £4million development was provided by Hampshire Trust Bank (HTB).
Neil Leitch, managing director, development finance at HTB, said: “In this case, the developer’s strong track record and the high-quality tenant line-up stood out, making it clear this was a project worth backing. The increase to our maximum loan-to-GDV reflects our commitment to adapting our criteria to open up opportunities for developers, whether in residential or commercial spaces.”
Neil Creeney commented: “HTB’s hands-on approach and flexibility made a huge difference. Their willingness to work closely with us throughout the process has been invaluable. It’s rare to find a lender so willing to understand and accommodate the unique needs of developers.”
Neil Creeney and Bal Singh formed ADG in 2019. Neil previously worked for well-known Yorkshire developers Opus North and S Harrison Developments, while Bal owned a string of successful pharmacies in the North East.
Bal commented: “We have recently completed three successful developments in the North East and North Lincolnshire which have given us the confidence that our business model is the correct one, attracting popular national retailers to regenerated brownfield sites and creating new and sustainable jobs. We are now on site at a prestigious development in Sunderland and can’t wait to get started in Darlington.
“Do please contact us on bal.singh@almscliffedhesi.co.uk if you feel you have a development opportunity which fits this model.”
